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<br />(the Purchaser), to purchase the Bonds in accordance with the Official <br />Terms of Bond Sale, at the rates of interest hereinafter set forth, and to pay therefor the sum of <br />$ , plus interest accrued to settlement, is hereby found, determined and declared <br />to be the most favorable proposal received and is hereby accepted and the Bonds are hereby <br />awarded to the Purchaser. The Secretary is directed to retain the deposit of the Purchaser and to <br />return to the unsuccessful bidders any good faith checks or drafts. <br /> <br />2.08. Performance of Requirements. All acts, conditions and things which are required <br />by the Constitution and laws of the State of Minnesota to be done, to exist, to happen and to be <br />performed precedent to and in the valid issuance of the Series 2006A Bonds having been done, <br />existing, having happened and having been performed, it is now necessary to establish the form <br />and terms of the Series 2006A Bonds, to provide security therefor and to issue the Series 2006A <br />Bonds forthwith. <br /> <br />Section 3. <br /> <br />Security for Series 2006A Bonds. <br /> <br />3.01. Pledge of Net Revenues. From and after their issuance, the principal of and <br />interest on the Series 2006A Bonds, as set forth in Section 5, shall be payable solely from and <br />constitute a parity lien and charge on the respective subaccounts of the Debt Service Account, <br />the Reserve Account and the Net Revenues ofthe Electric System. <br /> <br />3.02. Reserve Account Requirement. Upon issuance of the Series 2006A Bonds, the <br />Commission shall deposit, from available funds on hand, in the Reserve Account $ , so <br />that the balance in the Reserve Account shall be not less than the then applicable Reserve <br />Requirement. <br /> <br />3.03. Not General Obligations. The Series 2006A Bonds are not general obligations of <br />the City or the Commission and the full faith and credit and taxing powers of the City are not <br />pledged for their payment. <br /> <br />Section 4. <br /> <br />Form of Series 2006A Bonds. <br /> <br />4.01. Series 2006A Bond Form. The Series 2006A Bonds shall be prepared in <br />substantially the following form: <br /> <br />1861915vl <br /> <br />6 <br />